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How fit are your finances?

Ronan Marrion reveals a little bit of action from you could lead to a world-class improvement in your mortgage.

With the ‘summer of sport’ well underway with Wimbledon, Tour de France, the Lions Rugby Tour and much more it can lead us to consider the fitness of our finances. Keeping yourself and your finances in top shape, however, should ideally be a regular event and whether or not you're a sports fan how about taking the opportunity to check out your financial fitness?

Like the staging of an international sporting event, an assessment of all your finances can be a bit daunting. It can seem like there are a lot of barriers to doing this - time, opportunity, knowing what to do even. If that's the case, why not take it one step at a time and seek out some assistance. Most of us have a whole range of financial commitments and products, such as a mortgage, investments, a pension scheme, credit card and so on. Instead of wrestling with all of them at once, take it steadily and tackle one at a time.

Mortgage health check

If you have one, your mortgage is likely to be the biggest of your financial commitments, and the one it's most important to get right. Having a mortgage health-check could make your bank account a lot healthier and subsequently help all your finances become more flexible. Whatever type of mortgage you have, with whatever lender, make your first step a chat with an independent mortgage broker.

An independent mortgage broker can help get your mortgage into the right shape, making sure it's a personal best and that it's performing at the top of its game. Sporting clichés aside, however, a little bit of action from you could lead to a world-class improvement in your mortgage. For example, if you've been in a fixed-rate period which is about to come to an end, this could be a particularly good time to review your mortgage options.

You might feel that you prefer to continue with a fixed rate of interest, to have the security of knowing that whatever happens to interest rates, you'll pay the same amount each month. Your mortgage broker can review your current financial position and make sure you've got the best deal to suit your personal circumstances. A mortgage should be tailored to fit you; all good independent mortgage brokers will help you make sure this is the case.

Identifying cost-effective mortgage options

For a few people, it may even be worth your while leaving your fixed-rate period early and paying any applicable penalty charges if you are likely to make substantial savings by moving your mortgage to another lender. Again, your broker will help you decide this by talking you through all your options and researching whether this will be the most cost-effective option for you.

If you don't have a mortgage, but it's something that is on the horizon, make an independent mortgage broker your first call before you even get off the blocks. A broker will review your circumstances with you, find out exactly what you want to achieve and will then search for the number one mortgage for you. They will also be alongside you for the whole process, from start to the finishing line, and even beyond if you need them to be. All you need to do is take that first step and you'll be on your way.

For a free mortgage health-check, call Ronan Marrion on 0845 230 9876, e-mail info@wwfp.net or take a look at our website wwfp.net.

Your home may be repossessed if you do not keep up repayments on your mortgage or any other loan secured on it.